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Rate range bound as market awaits monthly payrolls

Rates have remained mostly range bound as risk-on assets have approached record highs over the last week. Economic data remains mixed with weekly jobless claims moving higher week-over-week with almost 800k new jobless claims. Recent FOMC minutes indicate that the board is focused on refining their forward guidance pertaining to tapering asset purchases as the economy starts to recover from the pandemic induced recession.

Monthly NFP jobs data is scheduled for next week and the expectation is that we will see 500k new jobs created and that the unemployment rate will move slightly lower to 6.8% from 6.9%.

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